月狼老妖说事

Tané's investment project Fhenix's CoFHE also seems to be usable on Base. The announcement of the stablecoin issued by JPM on BASE was released simultaneously!
Being able to provide privacy for the stablecoin should better meet the use cases of large enterprises and others.
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The High Yield of Stablecoins
I checked the fee rankings on DefiLlama and summarized some key points. This may be obvious to those who check daily. It is also important to overlook the data.
The total 24-hour fee revenue of the top 10 protocols exceeds $55M
The income from Tether and Circle is $31M, surpassing the total of the other 8.
The yield from Solana's DEX and meme coins is high.
DEX competition is fierce. The revenues of Hyperliquid, Jupiter, Uniswap, and Meteora are each around $3M.
The revenue of the veteran lending and staking platforms Aave and Lido is around $2M. As foundational blocks of DeFi, their positions are strong. Although Morpho is growing, Aave remains robust. I personally believe that large pools like Lido should decentralize.
The emerging protocol edgeX is also around $2M. Meme coins and the new generation of DEX are on the rise.
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Proposal 'UNIfication' by the founder of Uniswap
This proposal aims to redesign 'where to earn, how to distribute' in DeFi. A reassessment of DeFi's value will begin with clear regulation. It’s getting more interesting.
Proposal Summary
Enable protocol fees and destroy UNI through the collected fees.
Unichain serialization fees will also be used for UNI destruction.
Introduce Protocol Fee Discount Auctions (PFDA) to increase LP returns and internalize MEV.
Transform Uniswap v4 into an on-chain aggregator, collecting fees from external liquidity.
Destroy from the treasury equivalent to 100 million UNI, effective at the launch of the protocol.
Uniswap Labs will stop interface, wallet, and API fees, focusing on development that aligns with DUNI interests.
Shift ecosystem teams from the foundation to the labs, utilizing treasury funds to drive growth.
Migrate governance-owned Unisocks liquidity from Uniswap v1 to v4 (Unichain) and destroy LP positions to fix the supply curve.
Goals
Transform the value capture of DEX from 'LP earnings → protocol value (=UNI scarcity)'. Provide feedback through destruction instead of dividends, avoiding regulatory risks while indirectly creating token demand.
Designed to not leak MEV externally, but to internalize it through discount auctions (PFDA). Optimize the actual returns for LPs and the actual slippage for users down to a few basis points.
Pursue minimum costs, best routing, and yield concentration through vertical integration of L2 (Unichain) × DEX × aggregator.
Operations are concentrated in the labs to improve agility, while strengthening capital allocation and accountability in token aspects through the DUNI framework.
Information for the entire DeFi
'Where does the protocol capture value, and how does it feed back to tokens' enters the redesign stage. Design theories like destruction/buyback will become central themes.
AMM will shift from liquidity provision devices to 'optimal control devices for MEV and order flow'. Internalization of MEV (auction-type, permissioned endpoints, transaction rights sales, etc.) will become a core function.
LP economics will inevitably need a readjustment. The key is whether costs can be offset by MEV feedback, routing improvements, and gas optimization as the revenue share shrinks.
Governance is a balancing act between 'centralized execution of development' and 'transparency of capital allocation'. Growth budgets linked to KPIs, along with audits and disclosures, will ensure this.
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